Man Infraconstruction Limited (MICL) has clinched a prime sea-facing residential project near Marine Lines in Mumbai. The project will be executed under the asset-light development management (DM) model and has secured a letter of intent from Shreepati Zaoba Housing LLP.MICL will deliver the project within five years from its launch date. Covering a total construction area of approximately 22 Lakh-SqFt, the project offers a RERA carpet area of around 5.3 Lakh-SqFt for sale. It is anticipated to yield a total sales value exceeding INR 2,100 Crore.
Manan P Shah, Managing Director of Man Infraconstruction, commented on the project, highlighting that it signifies MICL Group’s foray into high-end residential developments in South Mumbai for the second time. This follows the successful launch of their premier project, ‘Aaradhya Avaan,’ at Tardeo. Notably, ‘Aaradhya Avaan’ is set to become one of India’s tallest towers, exceeding 1,000 feet.The board of Man Infraconstruction has approved the scheme of arrangement and merger by absorption of Manaj Tollway Pvt Ltd and Man Projects Ltd, wholly owned subsidiaries, with the company and its shareholders.